Would it be cheaper to buy land and build a home or purchase an older home and remodel it?

Question

Im a first time buyer and would like a spaniard style home, which is hard to find and even if found it is no where in my budget. Would it be cheaper to purchase land and have a contractor build the home of my dreams or should I give up on the spaniard home and purchase any home in my price range?

Answer 1

Remodeling.   Even tearing down (have to leave a little wall) and rebuilding is far cheaper.    You will save a fortune in both fees and time because of the difference in required permits to make it worth it to by a house you don't like and tear it down and rebuild.

Answer 2

It depends on what you want to end up with.

To remodel an older home to try and end up with a home that is identical to a new home would be very expensive.

I have stayed in a luxurious hotel that was built in the 1800's and they  added electricity and plumbing within the last hundred years.

They do not appear to be like a new hotel in any way, but I loved being there.  You just have to decide what you want.